The rent a room scheme allows anyone to earn up to £7500 a year tax free from letting out furnished accommodation in their home. Firstly to try and understand the size of the potential benefit I did some calculations:
2 ways of taking advantage of this benefit are as follows:
- Getting lodger: I have had several lodgers in the past who have all become good friends.
- Air bnb: If you have more time to devote advertising a spare room on air bnb has the potential for higher returns than letting a room to someone on a longer term basis
How to become a successful air bnb host – PAGE PENDING